SAO PAULO, May 15 (Reuters) - One of the biggest shareholders of Brazilian retail company Via Varejo SA is hiring a financial advisor as he considers increasing his stake, the company said in a Wednesday filing.

Michael Klein, whose family holds a 25.2% stake, told Via Varejo he is in talks to hire XP Investimentos SA as a financial advisor, according to the securities filing. Still, Klein told the company no decision had been made regarding the idea.

A subsidiary of Grupo Pão de Açucar (GPA), which is controlled by France’s Casino Guichard Perrachon SA , Via Varejo has been for sale since November 2016.

Representatives for Klein declined to comment on the matter.

Shares in Via Varejo were down 2.2% in early trading, while the benchmark Ibovespa index was down almost 3%. (Reporting by Carolina Mandl; Editing by Bernadette Baum)